Cabinet approves $ 3.6 billion line of credit to Oman to finance oil purchases – Business News

  • But says no decision has been made on offering Oman an oil exploration block

The Cabinet of Ministers this week approved a proposal to enter into a loan agreement for a $ 3.6 billion line of credit with the government of Oman to finance the oil supply for a period of one year.

Responding to a media question at the weekly Cabinet press conference yesterday, Cabinet co-spokesperson and Plantation Minister Dr Ramesh Pathirana revealed that the two sides had reached an agreement in principle on the loan of $ 3.6 billion.

However, he noted that a request by the Omani government to allocate them an offshore block in the Mannar Basin to explore the oil field, in lieu of credit interest payments, has yet to be made. approved.
“This is just the one-year loan agreement we made for US $ 3.6 billion for the supply of oil to Sri Lanka. We did not make a decision as such. So it will only be interest payments ”,
he said.

At the same time, several media outlets reported last month that Ceylon Petroleum Corporation (CPC) decided to borrow US $ 2.5 billion on the international market over the long term to restructure its debt to two state banks.
CPC had about $ 3 billion in loans outstanding until July of this year.

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